Lazard Asset Management LLC Has $3.47 Million Stock Holdings in Portland General Electric (NYSE:POR)

Lazard Asset Management LLC cut its position in shares of Portland General Electric (NYSE:PORGet Rating) by 51.6% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 71,872 shares of the utilities provider’s stock after selling 76,636 shares during the period. Lazard Asset Management LLC owned 0.08% of Portland General Electric worth $3,473,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of POR. New York State Teachers Retirement System increased its position in Portland General Electric by 2.6% during the 1st quarter. New York State Teachers Retirement System now owns 7,900 shares of the utilities provider’s stock worth $436,000 after purchasing an additional 200 shares in the last quarter. Captrust Financial Advisors increased its position in Portland General Electric by 6.4% during the 1st quarter. Captrust Financial Advisors now owns 4,394 shares of the utilities provider’s stock worth $244,000 after purchasing an additional 264 shares in the last quarter. Northwestern Mutual Wealth Management Co. increased its position in Portland General Electric by 26.2% during the 1st quarter. Northwestern Mutual Wealth Management Co. now owns 1,373 shares of the utilities provider’s stock worth $76,000 after purchasing an additional 285 shares in the last quarter. Horizon Investment Services LLC increased its position in Portland General Electric by 7.1% during the 1st quarter. Horizon Investment Services LLC now owns 4,417 shares of the utilities provider’s stock worth $244,000 after purchasing an additional 294 shares in the last quarter. Finally, Cetera Investment Advisers increased its position in Portland General Electric by 3.7% during the 1st quarter. Cetera Investment Advisers now owns 9,961 shares of the utilities provider’s stock worth $549,000 after purchasing an additional 355 shares in the last quarter. 99.67% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on the stock. Mizuho decreased their price target on shares of Portland General Electric from $51.00 to $45.00 and set a “neutral” rating for the company in a research report on Friday, October 7th. Guggenheim decreased their price target on shares of Portland General Electric from $56.00 to $48.00 in a research report on Monday, October 24th. Bank of America cut shares of Portland General Electric from a “buy” rating to a “neutral” rating and set a $52.00 price target for the company. in a research report on Monday, August 1st. TheStreet lowered shares of Portland General Electric from a “b” rating to a “c+” rating in a research note on Wednesday, October 26th. Finally, Wells Fargo & Company reduced their price objective on shares of Portland General Electric from $54.00 to $48.00 and set an “equal weight” rating on the stock in a research note on Wednesday, October 19th. Five analysts have rated the stock with a hold rating and two have given a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Hold” and an average price target of $48.57.

Portland General Electric Stock Up 0.9 %

Shares of NYSE POR opened at $46.76 on Thursday. The firm has a market cap of $4.17 billion, a PE ratio of 16.88, a P/E/G ratio of 3.05 and a beta of 0.57. Portland General Electric has a 12-month low of $41.58 and a 12-month high of $57.03. The company’s fifty day simple moving average is $46.13 and its 200 day simple moving average is $48.55. The company has a quick ratio of 0.67, a current ratio of 0.76 and a debt-to-equity ratio of 1.30.

Portland General Electric (NYSE:PORGet Rating) last issued its earnings results on Tuesday, October 25th. The utilities provider reported $0.65 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.64 by $0.01. The business had revenue of $743.00 million for the quarter, compared to analyst estimates of $636.61 million. Portland General Electric had a net margin of 9.66% and a return on equity of 9.09%. Portland General Electric’s revenue was up 15.7% on a year-over-year basis. During the same period in the prior year, the firm earned $0.56 earnings per share. As a group, sell-side analysts forecast that Portland General Electric will post 2.84 earnings per share for the current fiscal year.

Portland General Electric Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 17th. Shareholders of record on Tuesday, December 27th will be paid a $0.452 dividend. This represents a $1.81 dividend on an annualized basis and a dividend yield of 3.87%. The ex-dividend date of this dividend is Friday, December 23rd. Portland General Electric’s dividend payout ratio (DPR) is 65.34%.

Portland General Electric Company Profile

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Portland General Electric Company, an integrated electric utility company, engages in the generation, wholesale purchase, transmission, distribution, and retail sale of electricity in the state of Oregon. It operates six thermal plants, three wind farms, and seven hydroelectric facilities. As of December 31, 2021, the company owned an electric transmission system consisting of 1,274 circuit miles, including 287 circuit miles of 500 kilovolt line, 415 circuit miles of 230 kilovolt line, and 572 miles of 115 kilovolt line.

Further Reading

Institutional Ownership by Quarter for Portland General Electric (NYSE:POR)

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